By hallmarking, the customer will get pure gold, all the jewelers will come under the tax net

- Advertisement -
- Advertisement -

  • Customers will be able to sell old jewelery without hallmark anytime

Mumbai. After waiting for nearly three years, the central government has finally made hallmarking mandatory for all gold jewelery and artefacts weighing more than 2 grams in the country before sale. The hallmark is the certificate of purity of gold.

Initially, this decision has been implemented in 256 districts from June 16. After the opening of hallmark centers in other districts, it will also become mandatory there in a phased manner. It has become mandatory in 22 districts of Maharashtra including Mumbai, Pune, Raigad, Nashik, Pune, Nagpur. There will be no penalty in this case till 31 August 2021. The intention of the government behind the hallmarking system is to bring all small and big jewelers under the tax net along with providing pure gold to the customers.

Free registration in BIS, Rs 35 per piece

With hallmarking mandatory, all jewelers will have to register with the Bureau of Indian Standards (BIS). There are about 5 lakh jewelers in the country, of which only about 40% are registered with the BIS so far. Earlier there was a fee of Rs 10,000 for registration, but now the government has made registration free of cost to motivate small jewellers. There will also be no renewal fee. Each jewelery weighing more than 2 grams for hallmarking will attract a fixed fee of only Rs 35, but for jewelers the manufacturing cost will increase by about 10%.

read also

Jewelers will be able to buy gold without hallmark from customers

The government has made hallmarking mandatory only on 14, 18 and 22 carat gold jewellery. Hallmarking will also not be mandatory on gold jewelery of 20, 23 and 24 carat. Apart from this, hallmarking has also not been made mandatory on Kundan, Polki and Jadau jewelery and gold watches, gold fountain pens. Jewelers can continue to buy un-hallmarked gold or jewelery from customers, but after melting the old jewelery and making new jewelery, hallmarking will be required and anyone in the country who has un-hallmarked jewelery or gold needs to be worried. No need, he can sell his old gold to the jeweler whenever he wants.

read also

Now it’s hard to sell without a bill

With hallmarking mandatory, it will now be difficult for any jeweler to sell jewelery without a bill, as every purchase and sale entry will be accompanied by a hallmarking entry. Every manufacturer and wholesaler will give goods to the retailer by putting his logo, then the retailer will not be able to sell it without the bill. The complete record of hallmarking will be available with the hallmarking agency along with the UID, which will make tracking of each item easy. From the UID number of each item, it will be known who made the goods and who sold it to whom. Therefore, everyone will have to do business by paying taxes along with the bill.

This decision of the government is historic. This is the beginning of a new golden age in India. Mandatory hallmarking on gold will protect people from fraud and will get gold in terms of purity for which they have paid. Along with this, the confidence of the customers on every jeweler will increase. Now customers can buy pure gold jewelery without worry. There will be no fear of adulteration. This will also boost the demand for gold jewelery in the country and will give an opportunity to all jewelers, big and small, to increase their business. Employment will also increase for artisans. As far as customers will be able to sell hallmarked old jewelery anytime without keeping them with the people.

-Sanjay Shah, President, Jewelmakers Welfare Association

The government’s decision to make hallmarking mandatory is in the interest of both the jewelers and the customers. Selling genuine gold with proof (hallmark) will increase the trust of the customers in every jeweller. This will boost the gold jewelery business. Earlier people used to insist on buying gold biscuits or guinea out of fear of adulteration, but now more would like to buy jewelery for their loved ones and investments. We urge the government to make hallmarking mandatory on Kundan, Polki and Jadau and 20, 23 and 24 carat gold jewelery in the interest of the customers. Also HUID code should not be implemented.

-Kumar Jain, Mumbai President, India Bullion and Jewelers Association

- Advertisement -
Bhagyashree Soni
Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
Latest news
- Advertisement -spot_img
Related news
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here